Plug Power, Chart Industries, Inc. and Baker Hughes are planning to become cornerstone investors in the formation of the FiveT Hydrogen Fund, a new private infrastructure fund focused on delivering clean hydrogen infrastructure projects.
Plug Power will commit €160 million ($188 million) to the new fund, and Chart Industries and Baker Hughes will each invest €50 million ($58 million), which will enable FiveT to help advance a broader global mission to address climate change and accelerate the energy transition.
FiveT Hydrogen Fund is seeking to raise €1 billion ($1.2 billion) from both financial and industrial investors. It will exclusively finance projects in the production, storage and distribution of clean hydrogen. The fund will also seek alliances with industrial companies looking to build the hydrogen energy supply chain.
“We all know that this moment in the hydrogen journey requires a very innovative approach to infrastructure investment,” added